0826 ET - BlackBerry's embedded software was a standout in F2Q and has several catalysts on the horizon, says TD Cowen's John Shao. In a report, he notes that the headline beat was largely driven by high-margin, non-recurring license revenue, but "even excluding this benefit, the core QNX business still delivered a decent beat relative to expectations." He says that QNX's growth trajectory "appears increasingly independent of a broader vehicle production recovery." Looking ahead, the analyst sees multiple near- and long-term catalysts, including expanding its total addressable market for QNX, as well as new design wins for Alloy Kore, greater robotaxi and physical AI adoption, and potential capital deployment opportunities.